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British bank Barclays Bank (BCS.US) released its Q2 earning report on Tuesday, beating profit expectations driven by a market trading frenzy, and market volatility boosted investment banking revenues. In addition, the bank also announced a £1 billion ($1.33 billion) share buyback.
The following is the brief information of earning report:
Pre-tax profit beat estimates at £2.5 billion ($3.34 billion) in Q2, compared with a mean LSEG forecast of £2.23 billion. Group revenues met analyst projections of £7.2 billion.
Other highlights: Return on Tangible Equity hit 13.2% at the end of the first half, versus 14% in Q1. Earnings per share rose to 11.7% from 8.3%. CET1 capital ratio, a measure of bank solvency, was 14%, compared with 13.9% in the March quarter. Investors have been watching closely the performance of the lender’s sharpened investment banking unit, which is Barclays' traditional revenue pillar, posting income of £3.3 billion in the three months to June, up 10% year-on-year. Higher net interest and trading income offset a fall in advisory fees and commissions at the unit.
Barclays is the latest bank to report higher earnings boosted by markets trading in a quarter that included the turbulent fallout from flip-flopping tariff policies announced by Washington in April. Global stocks plunged before staging a massive rebound, with Europe recovering ahead of the U.S. Currency markets have also been roiled, with the U.S. dollar suffering steep declines.
Deutsche Bank last week beat profit expectations, boosted by strong performance in fixed income and currencies. Stateside, JPMorgan Chase and Morgan Stanley have been among those to report higher trading revenues.
Barclays CEO C.S. Venkatakrishnan indicated in a statement Tuesday: “We remain on track to achieve the objectives of our three-year plan, delivering structurally higher and more stable returns for our investors.” Generally speaking, Barclays is facing sort of tailwinds and headwinds both in US and UK. The potential adjustment of US capital leverage rules may intensify competition in the domestic market - Barclays has outstanding strength in the debt market. Since acquiring Lehman Brothers' investment banking and capital markets businesses, it has gained an important position in US market. Domestically, Barclays is facing profound changes in British banking landscape, where Spanish titan Santander has doubled down on its U.K. presence with the early-July acquisition of British high street lender TSB from Sabadell, and NatWest Bank returned to private ownership at the end of May. Right now investors are closely monitoring whether its strategic direction will be adjusted down the road.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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